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Novartis Settles All Foreign Corrupt Practices Act Investigations

Novartis (NVS) said it has resolved all Foreign Corrupt Practices Act investigations into historical conduct by the company and its subsidiaries. To settle the investigations, the company and certain of its current and former subsidiaries will pay $233.9 million to the Department of Justice and $112.8 million to the SEC.

The SEC found that local subsidiaries or affiliates of Novartis or its former subsidiary Alcon Inc. engaged in schemes to make improper payments or to provide benefits to public and private healthcare providers in South Korea, Vietnam, and Greece in exchange for prescribing or using Novartis or Alcon products. As part of the settlement, Novartis has reached an agreement pertaining to internal controls and books and records violations in Greece, Vietnam and South Korea.

The company noted that the resolutions contain no allegations relating to any bribery of Greek politicians, which is consistent with what Novartis found in its own internal investigation.

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